21Shares Now Bidding for HYPE ETF as Bitwise Solana ETF Soars

Asset manager 21Shares targets Hyperliquid token with new ETF proposal

As Wall Street increasingly embraces alternative cryptocurrencies, asset manager 21Shares is preparing to launch an ETF focused on the Hyperliquid token, a DeFi asset associated with the decentralized futures protocol and blockchain. The firm filed the necessary paperwork with the Securities and Exchange Commission (SEC) on Wednesday, though details about the proposed ticker and fees remain undisclosed. Coinbase Custody and BitGo Trust have been named as custodians for the fund, signaling strong institutional backing.

This initiative follows a similar ETF proposal from Bitwise, which announced its own Hyperliquid (HYPE) ETF last month. The Hyperliquid token is utilized on its decentralized exchange to provide discounts and facilitate fee payments, and it has appreciated in value over the past year along with its platform’s rising popularity.

US investors show clear enthusiasm for ETFs tracking volatile altcoins and DeFi tokens, reflected in recent successful launches. Bitwise’s new Solana (SOL) ETF, for example, saw remarkable trading volumes just days after debut, highlighting a growing appetite for innovative crypto investment products.

Bitwise Solana Staking ETF achieves notable trading volume

The Bitwise Solana Staking ETF (BSOL) closed its second day of trading on Wednesday with over $72 million in volume. Bloomberg ETF analyst Eric Balchunas described the figure as “a huge number,” emphasizing that such high activity on the second day is rare, as most ETFs tend to see volume decline after initial hype.

The BSOL ETF launched alongside other blockchain-focused funds, including Canary Capital’s Litecoin (LTC) and Hedera (HBAR) ETFs. Notably, Bitwise’s SOL ETF recorded a trading volume of $55.4 million on its debut, marking it as the largest crypto ETF launch so far this year.

Meanwhile, Grayscale Investments introduced its own staking-enabled Solana Trust ETF (GSOL), which amassed $4 million in trading volume on opening day—seen as a healthy figure, though comparatively modest.

Balchunas noted, “Being just one day behind is actually really huge, and it makes the race much harder,” highlighting the rapid pace of institutional adoption and product launches in the crypto ETF space.

As digital assets increasingly integrate into mainstream investment portfolios, market participants are watching how these innovative ETFs evolve and attract institutional and retail investors alike, adding yet another layer to the expanding landscape of cryptocurrency markets.

This article was originally published as 21Shares Now Bidding for HYPE ETF as Bitwise Solana ETF Soars on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.